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What
is Positive Pay?
Positive Pay is a anti-fraud service offerred by virtually all commercial
banks, which helps prevent unathourized checks from clearing your checking
(disbursement) account.
The process
starts by your transmitting to your bank on a regular basis, a list of
checks which you have issued. This list, often reffered to as the 'Issue
File', includes the check number and amount of each check.
When a check is presented for payment to your bank, the bank electronically
looks up to find a matching entry on a cumulative listing of your 'Issue
Files'. If a check presented to the bank is not found, or the amounts
do not match, your bank will mark the check as an 'exception', and not
clear the check through your account.
Many banks offer you the opportunity to review the daily exceptions, as
some exceptions may be legitimate.
What does PositivePayment.com software do?
Our software performs three seperate tasks:
I. Reads your recently issued list of checks.
This can be from virtually any source, such as a check register, check
run report, General Ledger, or similar listing.
The system can import this listing from
•
Excel
• Access
• ASCII Text file, fixed width
• ASCII Text file, comma or tab delimited
In addition, the user can 'Copy and Paste' multiple records into the system
directly from Excel, as well as key manual records directly into the system
one at a time if needed.
The system
always verifies each record, to avoid duplication, and to insure that
report header records, total and blank lines are not imported.
II. Creates
an Issue file for transmission
The system then creates an Issue file in your Bank's format.
All record specifications, including record layout, footers and headers,
and even the file name, are all taken care of.
III. File Transmission
This software can transmit the Issue file to your Bank via: 
•FTP, through both Customer (local) and Bank (remote) Firewalls
•Web Upload
•Email
Our 'Web
Upload' option will take you to your Bank's website or secure on-line
web protal.
While these are the program's three main functions, our program has many
additonal features, which can be found at Program
Features.
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